ShaMaran Petroleum Corp. Reports Impairment for the First Quarter Ended March 31, 2020; Report Production Results for the First Quarter Ended March 31, 2020; Reiterates Production Guidance for the Year 2020
For the quarter, the company reported Atrush produced 78% more oil in first quarter of 2020 compared to first quarter of 2019 production (46.7 Mbopd vs. 26.3 Mbopd) and was within the production guidance range of 44,000 to 50,000 bopd. First quarter of 2020 production increased by 12% over fourth quarter of 2019 (46.7 Mbopd vs 41.7 Mbopd) due to stabilizing contributions from 2019 wells and increased processing capacity at Early Production Facility ("EPF") at the Chamanke-E drilling location.
The company reiterates the updated guidance for 2020 provided on April 28, 2020, as follows: Atrush field gross average daily production is expected to range from 44,000 bopd to 50,000 bopd. Final 2020 production will depend principally on well, facility and export pipeline uptimes and possible OPEC+ cuts if applicable to Kurdistan producers.